A framework to improve your free-to-paid conversion
• “How will this product help me?”
• “How is this product better than what I’m doing right now?”
• “How will I look if my friends or colleagues found out I’m using this product?”
• “Why would I drop what I’m currently using and replace it with this?”
That’s the real challenge with improving your free-to-paid conversion rate—people want the most value for the least amount of time. Your window of opportunity to grab their attention and show them your product’s value is short (so use it wisely!).
Shorten the time-to-value
That’s why one of the most impactful tactics to improve your free-to-paid conversion rate is minimizing time-to-value (TTV) as much as possible. That’s the amount of time it takes for a new customer to realize value from a product.
The Treasure Hunt framework
(Ok, I know I said magnifying glasses down, but maybe dig that up again.)
To help you shorten your product’s time-to-value and improve your free-to-paid conversion rate, we’d like to introduce to you the Treasure Hunt framework.
Helping your free users experience your product’s value and become paying customers is like a treasure hunt. If you watched the movie The Pirates of the Caribbean, you know it takes decades to find a treasure. That’s because pirates hide their treasure so you won’t find it!
But with the right knowledge, tool, and guide, finding hidden treasure can be as easy as one-two-three:
Most assume that what lies at the end of a treasure hunt is a pile of gold—but not everyone cares about gold. Some folks treasure more time with loved ones, or an all-inclusive five-star trip around the world. Knowing what treasure lies at the end of the hunt helps the treasure-hunters stay motivated on their journey.
Similarly, to help users succeed in experiencing the product’s value, you need to know what they uniquely treasure. Because where there is treasure, the money will follow!
Since each user segment has different goals, you need to know each segment’s desired outcome. What’s the core problem they’re trying to solve with your product?
(Don’t worry, we’ll dive deeper into this product in the next lesson.)
As soon as you know what your users' treasure, the next step is to help get them there as quickly as possible. Make it clear how they can get value from your product.
(Spoiler Alert: in lesson 5, you’ll learn how to map out a user’s journey to discover which steps should be delayed or eliminated.)
Once you’ve discovered your users' treasure and mapped the shortest path to get them there, you’ll want to increase their likelihood of success by providing them with guides and prompts (inside and outside of your product).
We’ll cover this topic in lesson 6.
Ready to go on a treasure hunt?